GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 12 Nov 2018, 10:27

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel
Events & Promotions in November
PrevNext
SuMoTuWeThFrSa
28293031123
45678910
11121314151617
18192021222324
2526272829301
Open Detailed Calendar
  • Essential GMAT Time-Management Hacks

     November 14, 2018

     November 14, 2018

     08:00 PM MST

     09:00 PM MST

    Join the webinar and learn time-management tactics that will guarantee you answer all questions, in all sections, on time. Save your spot today! Nov. 14th at 7 PM PST
  • $450 Tuition Credit & Official CAT Packs FREE

     November 15, 2018

     November 15, 2018

     10:00 PM MST

     11:00 PM MST

    EMPOWERgmat is giving away the complete Official GMAT Exam Pack collection worth $100 with the 3 Month Pack ($299)

What percentage of families in the state have annual incomes over $50

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 50543
What percentage of families in the state have annual incomes over $50  [#permalink]

Show Tags

New post 09 Jul 2015, 02:56
00:00
A
B
C
D
E

Difficulty:

  35% (medium)

Question Stats:

69% (00:57) correct 31% (00:52) wrong based on 115 sessions

HideShow timer Statistics

What percentage of families in the state have annual incomes over $50,000 and have a net worth over $500,000?

(1) 65% of all the families in the state have an annual income over $50,000.
(2) 20% of the families in the state with an annual income over $50,000 have a net worth above $500,000.

Kudos for a correct solution.

_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

CEO
CEO
User avatar
P
Status: GMATINSIGHT Tutor
Joined: 08 Jul 2010
Posts: 2689
Location: India
GMAT: INSIGHT
WE: Education (Education)
Reviews Badge
Re: What percentage of families in the state have annual incomes over $50  [#permalink]

Show Tags

New post 09 Jul 2015, 03:19
Bunuel wrote:
What percentage of families in the state have annual incomes over $50,000 and have a net worth over $500,000?

(1) 65% of all the families in the state have an annual income over $50,000.
(2) 20% of the families in the state with an annual income over $50,000 have a net worth above $500,000.

Kudos for a correct solution.


These questions are best solved by using the Double Matrix or venn-Diagram so here are both. [I suggest and prefer Double Matrix over Venn-Diagram in case of two set Questions]

Answer: Option C
Attachments

File comment: www.GMATinsight.com
Sol 4.jpg
Sol 4.jpg [ 257.39 KiB | Viewed 1356 times ]


_________________

Prosper!!!
GMATinsight
Bhoopendra Singh and Dr.Sushma Jha
e-mail: info@GMATinsight.com I Call us : +91-9999687183 / 9891333772
Online One-on-One Skype based classes and Classroom Coaching in South and West Delhi
http://www.GMATinsight.com/testimonials.html

ACCESS FREE GMAT TESTS HERE:22 ONLINE FREE (FULL LENGTH) GMAT CAT (PRACTICE TESTS) LINK COLLECTION

CEO
CEO
avatar
S
Joined: 20 Mar 2014
Posts: 2635
Concentration: Finance, Strategy
Schools: Kellogg '18 (M)
GMAT 1: 750 Q49 V44
GPA: 3.7
WE: Engineering (Aerospace and Defense)
GMAT ToolKit User Premium Member Reviews Badge
Re: What percentage of families in the state have annual incomes over $50  [#permalink]

Show Tags

New post 09 Jul 2015, 05:21
Bunuel wrote:
What percentage of families in the state have annual incomes over $50,000 and have a net worth over $500,000?

(1) 65% of all the families in the state have an annual income over $50,000.
(2) 20% of the families in the state with an annual income over $50,000 have a net worth above $500,000.

Kudos for a correct solution.


Bunuel: the title of the topic does not pertain to the actual question.

As for the question, refer to the attached image for the solution.

AI: Families with annual income >50,000
NAI: fFamilies with annual income <50,000

NW: families with net worth >500,000
NNW: families with net worth <500,000

need to find = X (in the attached figure)

As this is a percentage question, assume total families =100 and follow the solution in the attached image.

Statement 1, provides us the information about families that have annual income > 50,000. This does not help in finding the percentage of families out of these 65% who also have net worth > 50000. Thus this statement is not sufficient.

Statement 2, Tells us that X=0.2Y (in the attached figure) but we do not have another equation to solve for both x and y. Thus this statement is not sufficient.

Combining, we see X=0.2Y and Y =65. Thus value of X can be found. ----> C is the correct answer.

C is the correct answer.
Attachments

File comment: Updated image
image.jpg
image.jpg [ 1.27 MiB | Viewed 1328 times ]

Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 50543
Re: What percentage of families in the state have annual incomes over $50  [#permalink]

Show Tags

New post 13 Jul 2015, 02:03
Bunuel wrote:
What percentage of families in the state have annual incomes over $50,000 and have a net worth over $500,000?

(1) 65% of all the families in the state have an annual income over $50,000.
(2) 20% of the families in the state with an annual income over $50,000 have a net worth above $500,000.

Kudos for a correct solution.


800score Official Solution:

(C) Statement (1) alone is not sufficient, because it only gives us the percentage of families in the state with the required annual income, but gives no information regarding the net worth.

Statement (2) is not sufficient because, although it tells you about the percentage of families that satisfy the question, it does not give you the percentage of families in the state that have an annual income of $50,000.

Statements (1) and (2) COMBINED are sufficient. 20% of the 65% are families who both have annual incomes over $50,000 AND have a net worth above $500,000. To find out the percentage of people with both traits, multiply the two independent variables. The two statements give these two variables.

Remember, however, that for these questions you do not need to solve for an answer; you simply need to establish whether or not you have sufficient information to do so.
_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

Non-Human User
User avatar
Joined: 09 Sep 2013
Posts: 8737
Premium Member
Re: What percentage of families in the state have annual incomes over $50  [#permalink]

Show Tags

New post 27 Oct 2018, 06:17
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
_________________

GMAT Books | GMAT Club Tests | Best Prices on GMAT Courses | GMAT Mobile App | Math Resources | Verbal Resources

GMAT Club Bot
Re: What percentage of families in the state have annual incomes over $50 &nbs [#permalink] 27 Oct 2018, 06:17
Display posts from previous: Sort by

What percentage of families in the state have annual incomes over $50

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.